of
particular goods and would give a fair approximation in practice to
the ideals of equal sacrifice and equal enjoyment (on the average tho
not in individual cases). While some natural materials are growing
more scarce and call for more sacrifice, other products are by
industrial progress becoming more plentiful. This kind of standard has
been viewed with favor by many monetary authorities, and despite the
administrative difficulties ways may yet be found for putting it into
practice.

After determining the tabular standard, the actual regulation of the
quantity of money to make prices conform to the standard might be
accomplished in one of several ways. It might be done by letting the
value of the gold dollar fluctuate as it does now, while requiring
a greater or less number of dollars to be given in fulfilment of all
outstanding contracts. For example, if prices by the tabular standard
fell from 100 to 95 in the time between the origin of a debt of $100
and its payment, the debt would be discharged by paying $95; if prices
rose to $110, the debt would be discharged only by the payment of
$110.

By the plan of a "compensated gold dollar" the legal weight of the
gold coins would be increased or decreased from time to time to
conform with the tabular standard. Still a third method would be to
regulate the issue of standard paper money, contracting and expanding
its amount by issue and redemption, by deposit in and withdrawal from
depository banks, at regular intervals to bring prices into conformity
with the tabular standard. These are as yet but distant possibilities,
and for some time to come gold will continue to serve as the standard
money in the same manner as in the past.

[Footnote 1: The amount of silver is here expressed at its coining
value; this is not the commercial value, but rather the number of
silver dollars 371.25 fine grains weight that could be made out of
the silver produced. Silver and gold of equal coining value are,
therefore, as to weight always in the ratio of 16 to 1.]

[Footnote 2: See above, ch. 5, sec. 4.]

[Footnote 3: See Vol. I, p. 45 ff. See also above, ch. 4, sec. 8.]

[Footnote 4: Numerous tabular index numbers have been worked out for
different countries and periods. The main results of the more recent
ones have been brought together with critical comments, by Professor
Wesley C. Mitchell, in Bulletin 173 of the U.S. Bureau of Labor
Statistics, July, 1915, from which the fi